Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

Apple Inc.’s current liabilities as a percentage of total liabilities and shareholders’ equity declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Non-current liabilities

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

Apple Inc.’s non-current liabilities as a percentage of total liabilities and shareholders’ equity increased from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Total liabilities

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

Apple Inc.’s total liabilities as a percentage of total liabilities and shareholders’ equity declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.

Shareholders’ equity

Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity’s stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Apple Inc.’s shareholders’ equity as a percentage of total liabilities and shareholders’ equity increased from Q4 2018 to Q1 2019 but then slightly declined from Q1 2019 to Q2 2019.